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The thermoplastic elastomers market has been segmented into the product and end-use industry. Further, it has been segmented into various product types such as polyurethane, polyamide, vulcanizate, styrenic block copolymer, olefin, and others. So different types of segments have various costs and requirements of performance, which might be the biggest challenge for the global market.
The increasing demand for TPEs in the automotive industry, electrical and footwear industries, and many others increases the demand of the global market. However, the lack of technical expertise in the manufacturing process of Thermoplastic Elastomers can bring major challenges for the elastomers market share.
The market trends in Thermoplastic Elastomers (TPE) have seen a significant surge in recent years due to their versatile properties and extensive applications across various industries. TPEs are a class of materials exhibiting both thermoplastic and elastomeric properties, making them highly sought after in industries ranging from automotive and construction to medical and consumer goods.
One of the prominent trends shaping the TPE market is the increasing demand for eco-friendly and sustainable materials. With growing environmental concerns, there's a shift towards TPEs that offer recyclability, biodegradability, and reduced environmental impact compared to traditional materials. This trend is driving research and development efforts to create bio-based TPEs derived from renewable sources, meeting both performance standards and sustainability goals.
Furthermore, the automotive sector stands as a significant driver for TPE market growth. Automakers are increasingly adopting TPEs due to their lightweight nature, durability, and ability to replace heavier materials like rubber and metal in various components. TPEs play a crucial role in interior applications such as dashboards, door panels, and sealing systems, as well as in exterior parts like bumpers and weather stripping, contributing to improved fuel efficiency and reduced emissions.
Another key trend is the rising demand for TPEs in the healthcare industry. These materials are favored for their biocompatibility, flexibility, and resistance to chemicals, making them suitable for medical devices, surgical tools, tubing, and other healthcare applications. As medical technology advances, the need for specialized TPEs that meet stringent regulatory standards continues to grow, presenting a significant market opportunity.
Moreover, the consumer goods sector is witnessing a surge in TPE usage. From soft-touch grips on electronics to flexible packaging materials, TPEs offer excellent aesthetics, tactile feel, and customization options, meeting the evolving preferences of consumers. The demand for TPEs in this sector is driven by their ability to provide comfort, durability, and aesthetic appeal in products ranging from household items to sports equipment.
In terms of regional trends, Asia-Pacific stands out as a dominant market for TPEs due to rapid industrialization, increasing manufacturing activities, and the presence of key industries like automotive, electronics, and healthcare. Countries like China, Japan, and India are witnessing substantial growth in TPE consumption due to expanding industrial sectors and rising consumer demand.
Additionally, technological advancements and innovations are fueling the development of specialized TPE formulations tailored for specific applications. Manufacturers are investing in research to enhance TPE properties such as heat resistance, UV stability, and flame retardancy, widening their scope across diverse industries and niche applications.
However, challenges such as fluctuating raw material prices and volatility in the petrochemical industry can impact the TPE market. Furthermore, the need for continuous innovation to meet evolving regulatory standards and consumer preferences remains a key challenge for manufacturers in this competitive landscape.
Thermoplastic Elastomers Market Highlights:
Global Thermoplastic Elastomers (TPE) Market Overview
Thermoplastic Elastomers (TPE) Market Size was valued at USD 19.63 Billion in 2023. The thermoplastic elastomers industry is projected to grow from USD 21.30 Billion in 2024 to USD 37.717 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2024 - 2032). One of the main market drivers for the increase in demand for thermoplastic elastomers (TPE) worldwide. Airbags, window trims, cowl panels, seals, and air duct components are frequently made with thermoplastic polymers. Rapid urbanization worldwide and rising disposable income among customers have caused the vehicle industry to grow exponentially, which in turn is driving the market for thermoplastic elastomers (TPE).
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Thermoplastic Elastomers (TPE) Market Trends
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Adoption of bio-based thermoplastic elastomers (TPE) is driving the market growth
Due to their eco-friendly attributes that assist environmental protection, bio-based thermoplastic elastomers (TPE) are becoming a more popular concept across various industries. These materials may be bent and reformed, which would help reduce waste while also providing several benefits like chemical resistance, oxidation, UV protection, and others, leading to high demand from end users. Various uses, including the production of medical equipment and home appliances, call for bio-based TPEs in the consumer goods and medical sectors. The consumption of thermoplastic type elastomers will rise due to the increasing demand for appliances, including consumer goods such as small kitchen appliances, wires & cables, and tubes. Additionally, the high population growth is anticipated to increase construction activity, accelerating market growth.
Innovations in the automobile sector are driven by consumers' rising need for lightweight vehicles. As a result, it is fueling the expansion of the market for thermoplastic elastomers (TPE). Population growth may be a factor in the skyrocketing demand for autos. These materials are utilized in various automobile applications, including car gaskets, door and window handles, exterior filler panels, and wiper blades. High demand would result from diverse thermoformed elastomer kinds in the production of lightweight cars, which would spur market expansion. For instance, Tesla unveiled a completely functioning electric vehicle that uses thermoplastic elastomers (TPE) for various auto elements to reduce the vehicle's weight. Cars and cargo vehicles with electric motor for better handling and control are among the available vehicle types. Other sectors including construction, medicine, electrical, and electronics, are expanding quickly, which is expected to assist market expansion. Thus, driving the thermoplastic elastomers (TPE) market revenue.
2024: Kraton introduced a new range of TPEs with enhanced flexibility and durability for automotive and consumer goods.
TEIJIN Limited - 2023: TEIJIN launched advanced TPE materials aimed at improving performance in electronics and medical devices.
Thermoplastic Elastomers (TPE) Market Segment Insights
Thermoplastic Elastomers (TPE) Product Insights
The thermoplastic elastomers (TPE) market segmentation, based on product includes Polyurethane, Polyamide, Vulcanizate, Styrenic Block Copolymer, Olefin and Others. The styrenic block copolymer segment dominated the market. The thermoplastic elastomers (TPE), known as SBC functions like rubber but is processed like plastic. This is mostly caused by the physical crosslinks in the block copolymer structure, which are reversible when heated or dissolved. The styrenic block copolymers segment dominated the market due to increased consumer demand from various industries, including automotive, construction, medical, footwear, electrical & electronics.
Thermoplastic Elastomers (TPE) End-Use Insights
The thermoplastic elastomers (TPE) market segmentation, based on end-use, includes Footwear, Home Appliances, Automotive, Building & Construction, Healthcare and Others. The automotive category generated the most income due to the increased demand for lightweight vehicles brought on by the expanding population. Thermoplastic elastomers (TPE) are used in wipers, exterior panels, bonnets, boots, and other automobile components. The vehicle's entire weight comprises thermoplastic elastomers (TPE) that are integrated into all its parts. There is a high demand for these materials since they make cars lighter. The International Organisation of Motor Vehicle Manufacturers (OICA) reports that, compared to the same period last year, the production of automobiles climbed by 10% to 57.26 million units in the first nine months of 2021, from 52.15 million units.
Figure 1: Thermoplastic Elastomers (TPE) Market, by End-Use, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Thermoplastic Elastomers (TPE) Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American thermoplastic elastomers (TPE) market area will dominate this market. Due to the significant demand in the building, automotive, electrical, and electronics industries, as well as packaging and electronics, the North American region is one of the biggest consumers of plastics. TPE and kindred polymers have a wide range of uses in every industry because of their adaptability, simplicity in molding, and ability to take on certain shapes. Plastic is a popular choice for vehicle parts among automakers, which can produce their products more affordably and boost profits.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: THERMOPLASTIC ELASTOMERS (TPE) MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe thermoplastic elastomers (TPE) market accounts for the second-largest market share. Even though the macro-environmental issues projected to impede the regional economy include the financial crisis, growing unemployment, and stagnant industrial output, an upbeat outlook for manufacturing and consumerism in Eastern Europe will support this region's growth. Various federal-level institutions, including ECHA, the European Commission, and others, have strict environmental rules characteristic of the region. Further, the German thermoplastic elastomers (TPE) market held the largest market share, and the UK thermoplastic elastomers (TPE) market was the fastest growing market in the European region
The Asia-Pacific Thermoplastic elastomers (TPE) Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the rising demand for these materials from a variety of industries, including the footwear, construction, and automotive industries. The economic growth of nations like China, India, and Japan would improve consumers' lifestyles, which would lead to a significant increase in demand for luxury goods like cars and shoes. Additionally, the region's expanding middle-class population is expected to increase demand for construction work and cars. Moreover, China’s thermoplastic elastomers (TPE) market held the largest market share, and the Indian thermoplastic elastomers (TPE) market was the fastest growing market in the Asia-Pacific region.
Thermoplastic Elastomers (TPE) Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the thermoplastic elastomers (TPE) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, thermoplastic elastomers (TPE) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the thermoplastic elastomers (TPE) industry to benefit clients and increase the market sector. In recent years, the thermoplastic elastomers (TPE) industry has offered some of the most significant advantages to market. Major players in the thermoplastic elastomers (TPE) market attempting to increase market demand by investing in research and development operations include Timco Rubber (US), Arkema (France), Huntsman International LLC (US), the Dow Chemical Company (US), RTP Company (US), Covestro AG (Germany), Kraiburg TPE GmbH & Co. KG (Germany), Tosoh Corporation (Japan), the Lubrizol Corporation (US), Teknor Apex (US), Kent Elastomer Products (US), Altana AG (Germany), JSR Corporation (Japan), and Elastron Kimya SAN. TÄ°C. AÅž (Turkey).
The business of Huntsman Corp (Huntsman) is producing unique organic chemical products. It supplies various substances, including amines, maleic anhydride, MDI, and formulations for epoxy-based polymers, textile chemicals, and dyes. The business advertises its goods to a broad spectrum of consumers as well as business clients. Huntsman products are used in a variety of industries, including those that produce adhesives, aerospace, personal care and hygiene products, automotive, durable and non-durable consumer goods, digital inks, construction goods, electronics, power generation, medical, packaging, coatings and construction, refining, synthetic fiber, textile chemicals, and dyes.
The Lubrizol Corp. (Lubrizol), a division of Berkshire Hathaway Inc., is a specialty chemical business that develops and provides technology for the international consumer, industrial, and transportation sectors. Engine additives, driveline additives, products for industrial specialties, engineered polymers, coatings, and solutions for life sciences are among its goods and services. Engine oils, gear oils, metalworking fluids, gearbox fluids, compressor lubricants, fuel additives, pipelines, greases for transportation and industrial applications, specialty driveline lubricants, over-the-counter pharmaceutical products, personal care items, performance coatings, sporting goods, plumbing and fire sprinkler systems are among the industries where the company's products are used. In August 2020, investments in the thermoplastic polyurethane industry were made by Lubrizol. The investments include improved surface paint protection film (PPF) and protective production capabilities. Additionally, it would assist supply chains and PPF manufacturers simultaneously.
Key Companies in the thermoplastic elastomers (TPE) market include
- Timco Rubber (US)
- Arkema (France)
- Huntsman International LLC (US)
- Dow Chemical Company (US)
- RTP Company (US)
- Covestro AG (Germany)
- Kraiburg TPE GmbH & Co. KG (Germany)
- Tosoh Corporation (Japan)
- Lubrizol Corporation (US)
- Teknor Apex (US)
- Kent Elastomer Products (US)
- Altana AG (Germany)
- JSR Corporation (Japan)
- Elastron Kimya SAN. TÄ°C. AÅž (Turkey)
Thermoplastic Elastomers (TPE) Industry Developments
April 2022: Dupont Liveo pharma tubing, a thermoplastic elastomers (TPE) tube, was introduced by DowDuPont Inc. for the biopharmaceutical sector. A selection of TPE-based extruded pharmaceutical tubing was introduced with the product launch.
January 2022: By investing Serquigny, France, Arkema announced an increase of 25% in its Pebax elastomer production capacity. The investment made producing more bio-circular Pebax Rnew and conventional Pebax products possible.
November 2020: In order to create a flexible, high-performance specialty powder based on a thermoplastic amide grade (TPA) for 3D printing, Evonik and HP announced their collaboration.
March 2020: Asahi Kasei Corporation acquired Veloxis Pharmaceuticals Inc. This acquisition will increase the company's visibility in the pharmaceutical sector. Asahi Kasei is committed to hastening the process of becoming a provider of healthcare on a worldwide scale. Asahi Kasei will collaborate with the significantly expanded management team and staff of Veloxis to maximize the value of both the existing pharmaceutical companies and those that are acquired.
Thermoplastic Elastomers (TPE) Market Segmentation
Thermoplastic Elastomers (TPE) Product Outlook (USD Billion, 2018-2032)
- Polyurethane
- Polyamide
- Vulcanizate
- Styrenic Block Copolymer
- Olefin
- Others
Thermoplastic Elastomers (TPE) End-Use Outlook (USD Billion, 2018-2032)
- Footwear
- Home Appliances
- Automotive
- Building & Construction
- Healthcare
- Others
Thermoplastic Elastomers (TPE) Regional Outlook (USD Billion, 2018-2032)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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